International Share Ownership, Profit Shift and Protectionism
Terence Edwards
Discussion Paper Series from Department of Economics, Loughborough University
Abstract:
This paper examines the implications of increasing globalisation of stock market ownership on the economics of protection. Current data on European stock exchanges indicate that over 30 per cent of the stock market is foreign-owned in most cases, a large increase on a couple of decades ago.This degree of foreign share-ownership is likely to change qualitatively the nature of the response of governments to FDI and support for 'domestic' firms. In particular, two worked examples, based upon duopoly theory, suggest that the level of foreign share-ownership is sufficient to render protection unattractive.
Keywords: Trade; Oligopoly; Capital Ownership. (search for similar items in EconPapers)
JEL-codes: F10 F12 (search for similar items in EconPapers)
Date: 2006-08
New Economics Papers: this item is included in nep-fmk, nep-int and nep-knm
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